Exxon Mobil Profits, Let the ass raping continue! Options

[impala454]

we HAVE a lot of the technology thats needed. just not enough people/businesses are using it

They're not using it because it's not good enough yet.

and again impala i dont hate america nor have i ever said it sucks. you're little quote pyramid was cute but irrelevant, a personal attack and untrue

a personal attack? naw, not really. show me which ones you deny, and i'll find you posts from yourself proving them.

[Mommy]

O.k. so someone explain this to me because I am lost..

I just read that basically, OPEC sets higher prices when the U.S. dollar is weak because that is currently their currency they use for global trade. When the dollar is weak, they receive less income from countries purchasing oil. Apparently, they have considered the switch to the euro but have yet to institute that policy.
Now, OPEC is just mostly made up of Middle Eastern countries and Venezuela. In the United States, though, we are drilling 90% of our own oil from the Gulf of Mexico and the North Sea. If that figure is correct, why in the world are our gas prices so high if we drill, produce, and refine our own oil? Also, if we are mostly dependent on ourselves, wouldn't it make sense then to say that OPEC doesn't have much control over the prices of our oil?

I read somewhere that the weak dollar could just be a manifestation of the upcoming election to sway votes a particular direction.

[jwttu]

O.k. so someone explain this to me because I am lost..

I just read that basically, OPEC sets higher prices when the U.S. dollar is weak because that is currently their currency they use for global trade. When the dollar is weak, they receive less income from countries purchasing oil. Apparently, they have considered the switch to the euro but have yet to institute that policy.
Now, OPEC is just mostly made up of Middle Eastern countries and Venezuela. In the United States, though, we are drilling 90% of our own oil from the Gulf of Mexico and the North Sea. If that figure is correct, why in the world are our gas prices so high if we drill, produce, and refine our own oil? Also, if we are mostly dependent on ourselves, wouldn't it make sense then to say that OPEC doesn't have much control over the prices of our oil?

I read somewhere that the weak dollar could just be a manifestation of the upcoming election to sway votes a particular direction.

OPEC's biggest impact is in how they regulate supply, they often reduce supply to drive up prices.

When the $ is weak it takes more $ to buy a gallon of oil, thus the arguement for the US to clean up our national debt and make the $ stronger.

The US does not have enough oil to satisfy demand domestically.

[Mommy]

but I've heard figures saying we get 90% of our oil domestically. If only 10% comes from overseas, why would our gas prices reflect that?

[jwttu]

but I've heard figures saying we get 90% of our oil domestically. If only 10% comes from overseas, why would our gas prices reflect that?

not sure where you heard your info heres what i could find


In 1970 we imported 28% of the transportation fuels we consumed. Today we import over 65% (Energy Information Administration)

maybe Stephen could get us better information on this

[Hartmann]

jwttu is correct, we are importing 70-75% of the oil we use.

Our number one importer right now is Canada with Saudi being a close second.

[Mommy]

jwttu is correct, we are importing 70-75% of the oil we use.

Our number one importer right now is Canada with Saudi being a close second.

how much are we getting from Canada? Any idea?

[Hartmann]

how much are we getting from Canada? Any idea?

http://www.eia.doe.gov/pub/oil_gas/petrole...ent/import.html

2.464 million barrels per day in February of this year.

Not sure how much of that is tar sands but I can find out.

[Mommy]

hmm interesting.... well, it still seems to me that we aren't as dependent on the Middle East for oil as the media is claiming. I mean, I knew we were getting oil from the Gulf of Mexico and the North Sea, but I had no idea we were getting oil from Canada. We are very diplomatic with Canada.

Canada remained the largest exporter of total petroleum in February, exporting 2.464 million barrels per day to the United States, which is a decrease from last month (2.586 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1.627 million barrels per day.

That's where I get my assumption from.

[Hartmann]

You are correct. However, take not that a portion of Canadian crude costs more to produce since a good portion of it comes from the tar sands, which requires an extra process to get the sweet out of it.

[Hartmann]

http://www.nytimes.com/2008/05/14/business...&oref=login

I knew the oil prices were going to start hurting the refiners.

[Dogmeat]

So what happens when ExxonMobil goes private again?

[Hartmann]

So what happens when ExxonMobil goes private again?

Not really sure on the probability of that but if it did happen you could see companies like Valero going out of business and their assets (refineries) being taken over by the big boys.

[Hartmann]

http://www.chron.com/disp/story.mpl/chronicle/5807768.html

Investigation has begun into futures traders and their dealings.

[Hartmann]

http://www.chron.com/disp/story.mpl/chronicle/5808998.html

More info